Re: Russia and central Bank agreed to legalize cryptocurrency as a form of currency
Russia is a funny country when it comes to policies.
Here's some retrospection for those who don't remember or weren't here in 2017-19
Oct 10, 2017
Putin Condemns Bitcoin, Calls for Russian Ban of Digital Currencies
https://cointelegraph.com/news/putin-condemns-bitcoin-calls-for-russian-ban-of-digital-currencies
President Vladimir Putin said on Tuesday crypto-currencies were risky and used for crime, as Russia’s central bank said it would block websites selling bitcoin and its rivals - a change of tone from a month-old promise to legalize the market.
https://www.reuters.com/article/us-russia-cenbank-bitcoin/russia-turns-cold-on-crypto-currencies-idINKBN1CF0RF
Jun 10, 2019
The Russian State Duma is considering imposing administrative responsibility for mining cryptocurrencies.
https://cointelegraph.com/news/russian-parliament-considers-imposing-fines-on-crypto-mining-by-end-of-june
First they banned it in 2014, then tried to ban it again in 2017 but the bill did not pass, they tried to launch their own centralized crypto but ultimately didn't, then they tried to ban mining, now they're trying to legalize it.... It seems that if you live in Russia you never know what the day will bring. You may be operating a legal business one year, the next year they shut you down and put you in jail, and a year later they let you go because they changed their minds.
Here's some retrospection for those who don't remember or weren't here in 2017-19
Oct 10, 2017
Putin Condemns Bitcoin, Calls for Russian Ban of Digital Currencies
https://cointelegraph.com/news/putin-condemns-bitcoin-calls-for-russian-ban-of-digital-currencies
President Vladimir Putin said on Tuesday crypto-currencies were risky and used for crime, as Russia’s central bank said it would block websites selling bitcoin and its rivals - a change of tone from a month-old promise to legalize the market.
https://www.reuters.com/article/us-russia-cenbank-bitcoin/russia-turns-cold-on-crypto-currencies-idINKBN1CF0RF
Jun 10, 2019
The Russian State Duma is considering imposing administrative responsibility for mining cryptocurrencies.
https://cointelegraph.com/news/russian-parliament-considers-imposing-fines-on-crypto-mining-by-end-of-june
First they banned it in 2014, then tried to ban it again in 2017 but the bill did not pass, they tried to launch their own centralized crypto but ultimately didn't, then they tried to ban mining, now they're trying to legalize it.... It seems that if you live in Russia you never know what the day will bring. You may be operating a legal business one year, the next year they shut you down and put you in jail, and a year later they let you go because they changed their minds.
Well, it could be that they have access and reaccess the conditions and realize that it would be better for the country to legalize the trading of Cryptocurrencies. I was thinking as you mentioned if it was Banned in 2014 how come they try to Ban it again in 2017? I guess they must have analyzed the effect of Banning and having a regulated market and found the latter better cause hence this decision
"By contrast, the government’s blueprint released Tuesday says cryptocurrency purchases in Russia may take place, but only through locally registered and licensed companies so that users are fully verified and information about their transactions can be made available to government agencies.